Professional Loan

Your CA firm requires a timely infusion to funds to not only carry out day to day operations, but also to grow and expand. Some of the most common needs of a CA firm is to pay for office rent in the heart of your city’s business district, hire the right auditors and taxation experts, use the best accounting software and invest in short-term courses to be up-to-date with new laws and regulations. Thus, finding an affordable and convenient source of finance becomes paramount.

Before you begin your search for the right funding option, see what your main criteria for finance are. This may be to get finances that offer you a flexible repayment plan, retain ownership of your firm or help you share your financial burden, eliminate the need for collateral or a guarantor, etc. Once you know what your preferences are, finding the right option becomes easier.

Here are some financing options that you can use to finance your CA firm:

You can use this loan for financing the working capital needs of your business or to improve the overall cash flow. You can also use it for purposes like acquiring new premises or a new business asset. Thanks to its convenient line of credit facility, a business loan for CAs can help you meet unpredictable expenses associated with your firm with ease.

A business loan for chartered accountants not only has simple eligibility criteria, but is also collateral-free, easy to apply for online and offers up to Rs.30 lakh at nominal interest.

The biggest benefit, however, is that you have complete control over your business and don’t have to share decision-making powers with anyone else. This can’t be said for several other forms of finance.

Use Your Credit Card

A credit card is a convenient way to finance your daily business expenses.

This option offers you excellent flexibility in paying various bills. A credit card can also be used with systems like Mobikwik and Paypal to make online payments.

However, it is important to plan your repayment of credit card bills in advance. Unpaid credit card bills are subject to high interest rates and can stack up a huge debt. This affects your credit score negatively, and may impede future loan applications.

Attract An Angel Investor

If your CA firm shows the potential for growth, you can attract individuals who will invest in your company in exchange for part ownership.

An angel investor can offer you significant sums of finance, which you can use for various growth needs, be it setting up a new office or expanding operations to another location.

However, these investors may have some say in how you run your CA firm, and may not be the best choice if you want complete control of your business. You are also liable to share a significant portion of the profits and are accountable to your investors for your business’ performance.

Also, it is important to note that angel investors are more likely to provide funds at the seed stage. That being said, they may only invest until the business owner has also put his/her own funds at risk.

Get A Partner

CA firms are often started in partnership to share the risk and responsibility of running a firm.

You can convert your firm into a partnership by asking a qualified friend or colleague to put in some money in order to become a partner.

It is important to choose your partner with care as you will share profits and make business decisions together.

Involve Your Friends And Family

You can also establish a private limited company by issuing shares to close family and friends.

Borrowing finance from your family can be convenient, but be sure to draw up an agreement of repayment that is clear to everyone. The downside of this source of finance is that it may result in strained or broken personal relationships if your business does not register continual profits.

Taking all factors into consideration, you may feel like the best course of action to finance your CA firm is by applying for a business loan that is customised for CAs. If you opt for a Business Loan for Chartered Accountants from Bajaj Finserv, you will enjoy many benefits such as a nominal rate of interest, a line of credit facility, online account access, and much more.

You may have a to-do list for yourself that makes you more organised and helps you achieve your business goals with ease. Similarly, a list of questions regarding your CA loan will help you think more effectively and choose the right lender based on your unique requirements. Questions on CA loan penalties, interest rates, application procedures and more will help you narrow down on a lender who offers you the features you want.

To help you get started, here are some important questions you should ask yourself:

What Is The CA Loan Eligibility Criteria Required By Lenders?

While some lenders have stringent eligibility criteria, others can offer more relaxed terms. It is important for you to know and match the CA loan eligibility criteria, otherwise your loan application will be immediately rejected. You can compare the eligibility criteria of various lenders and choose a lender that offers you criteria that you can meet without any hassle.

Once you meet the criteria, the next step is to see the list of documents required for submission. Collect them in advance to hasten your loan application process.

What will your EMIs amount to?

Most lenders will offer you an online EMI calculator to help you determine your prospective monthly repayment amount. This way, you will know if that particular loan is affordable for you.

This also helps you increase or decrease your principal amount based on what you can comfortably repay. It can also help you choose the right tenor. Finally, it can help you compare the interest rate offered by different lenders and see the difference in EMI amounts that different interest rates can make. Selecting a lender with a nominal interest rate can help you save on your income.

Is the Loan Secured Or Unsecured?

Before applying for a loan, it is important to consider what type of loan you want to borrow. You can either go for secured or unsecured loans.

If you have financial assets ready to be put at stake as collateral, you can go for secured loan options, like a home loan or a loan against property.

If you are uncomfortable with putting your assets at stake, you can opt for unsecured loans. Nowadays, unsecured loans are just as easy to apply for as secured loans. Personal and business loans are both unsecured loans under the suite of CA loans. Once you know what kind of loan suits you best, you can choose a lender who offers it.

How long will it take you to repay your chosen loan?

This is an important question as it can help you decide on your tenor and the right lender.

If you want to repay fast and have a substantial income, you can go for a short tenor. If you want to spread out your payments into smaller amounts, opt for a longer tenor. You can choose a lender who offers you flexible tenors based on your requirements.

Would you be charged a penalty for missing a payment?

You may be forced to delay your EMI payment because of a range of reasons, like emergency expenses or other priorities. Before applying for the loan, it is always good to enquire about the repercussions for missing an EMI payment.

Knowing about these charges can allow you to financially plan your repayment so that you do not end up missing the payments. This will also help you choose a lender whose penalties are more relaxed.

Finding answers to these questions can improve your borrowing experience and choose a suitable lender. Some other questions you can add to the list are:

What is the application process and can I apply online?

How long will it take for my application to be approved?

How long will it take for my loan to be disbursed?

Can I opt for a line of credit facility instead of a term loan?

Will I be allowed to prepay the loan? Will I have to pay any prepayment charges?

Will I get secure online access to my loan account?

Once you know the answers to these questions, you are one step closer to selecting a lender. In your search for the right one, don’t forget to add Bajaj Finserv to your list. A Loan for Chartered Accountants from Bajaj Finserv checks all the right boxes and helps you receive benefits like nominal interest rates, flexible tenors, and pre-approved offers.

A loan customised for chartered accountants, called a chartered accountant loan, is a convenient and affordable source of financing for CA professionals. It refers to a suite of four loans including a personal loan, a business loan, a home loan and a loan against property. Getting the right CA loan can not only help you fulfil your monetary needs, but also ensure that repaying the loan is affordable and stress-free for you.

Here are a few guidelines you can follow to get the best CA loan:

Identify The Purpose For Raising Finance

Before taking a loan, it’s important to closely examine your financial needs. These may be broadly divided into personal or professional requirements. For example, you may need a loan for buying a new home or raising funds to finance your practice’s working capital.

Mixing business needs with personal needs is not advisable, so take a specialised loan that best suits your purpose.

Select The Type Of Loan And Amount

Once you determine the purpose, choosing the right loan becomes easier. This also helps you decide on the amount of money that you need to borrow and the repayment tenor you are comfortable with.

Over-borrowing is not a good idea as it puts an unwarranted repayment burden on you. So choose the amount you need carefully. You can also use the debt to income ratio (DTI) calculation to help you arrive at an amount. Ideally your DTI should not cross 40% (which means that 40% of your monthly income is used for repayment).

Compare And Evaluate Interest Rates In The Market

Before finalizing your chosen CA loan, analyse the market and review the interest rates offered by various lenders.

This can help you narrow down on the lender that offers the lowest rates of interest. This can, in turn, make your EMIs more affordable.

Ensure That You Match The Eligibility Criteria

Not matching the eligibility criteria can result in your loan application getting rejected instantly. It is important to look into the CA loan eligibility criteria and ensure that you meet them all.

This can increase the chances of your loan being approved. Usually, you will be eligible for a CA loan if you have at least 4 years of business vintage and your own or parental property.

Organise Finances To Repay The Loan In Advance

Before applying for a CA loan, make provisions for timely EMI payments. Ensure that you do not depend on a single source of income for this. Plan other means of repayment via your savings and liquidating investments in case your earnings experience a dip.

Not organising finances can cause you to default on or delay EMI payments, which can force you to pay various penalties depending on your lender’s terms. This can also reduce your credit score.

Be Aware Of Additional Costs

Lenders often have a range of additional costs that are concealed in the CA loan agreement. It is important to enquire about these costs and calculate how much you have to pay in total.

Knowing these costs and calculating the final figure can help you decide whether borrowing the loan is affordable for you. These costs include secure fees, processing fees, loan statement charges and penal interest.

In your search to find the best CA loan, look no further than Bajaj Finserv. Its Loan for Chartered Accountants offers convenient financing at competitive interest rates with fast approvals and disbursals. You can also gain from other advantages like a dedicated line of credit, online account access, preapproved offers, and more.

Are you a Chartered Accountant? Are you looking to expand your business or set up a new one? Bajaj Finserv offers an exclusive loan for Chartered Accountant with multiple benefits along with quick approvals and a low rate of interest.

A CA spends years studying for various competitive exams and dreams of starting his own practice someday. This CA Day, Bajaj Finserv offers you a chance to relive your dreams and make them come true by introducing exclusive loans for Chartered Accountants (CA).

With a CA loan, you can not only manage your financial goals but also use it to fulfill your dreams.

Here are some of the dreams that a CA Loan can help you fulfill:

Funding for additional course/ higher studies

A CA needs to be constantly updated with current knowledge and rules. For this, you might need to take up additional courses that can help you excel in your profession. A CA loan offers you the additional amount you need to fund your higher studies.

Paying for a new commercial property

After working for five years since he passed his CA finals, Rajiv was all set to start his own company. However, the first hurdle in front of him was to buy a commercial space where he could work from. He found an office space for Rs.8 lakh. However, his saving was just Rs.2 lakh. So, Rajiv decided to avail a CA loan and buy the property immediately. This helped him move a step closer to his dream.

Registration charges for your office

Having an office is much more than just buying it. And who would understand it better than a CA? There are various registration and other charges that accompany your office space. This includes acquiring of licenses from local and civic bodies, registering under various acts, and so on. All these require a significant amount of investment as well. A CA loan can help you with funds to pay these charges as well.

Getting the latest equipment and systems

Starting a new practice or expanding your current one means a requirement of various other equipment as well. These include different types of office furniture, stationery, computers, biometric and other systems as well as network and storage equipment. There might also be a need for various software and other digital resources like cloud servers. All these would require for you to invest financially. And this is not just a one-time thing, you might also have to keep aside funds for regular maintenance and upkeep of equipment and systems. A CA loan ensures that you have funds available for this purpose and don’t have to delay the process due to lack of finances.

Recruiting a team of professionals

The last thing you would want to go wrong in your office is unreliable staff. Your staff is the identity of your company. Ensure that you do not compromise on the quality of human resources just because of lack of funds. You can utilise your CA loan to hire reliable and qualified staff who would help contribute towards your business. A responsible and well-paid team of professionals is much better than any software during the tough times.

However, you have to have fulfill certain eligibility criteria for availing a CA loan.

Being eligible for a CA loan means:

Having a minimum of four years of experience after acquiring a certificate of practice (COP).

Owning a home or commercial space in your name or in the name of your parents.

Drawing a minimum salary of Rs. 75,000 in TIER 1 city or Rs. 40,000 in TIER 2 city.

Submitting of documents such as COP, identity proof and address proof, and on property proof.

Besides the above-mentioned guidelines, there are a few more documents that you need to provide for a CA loan. These are last two years Form 16 with latest pay slips, salary account and bank statements of the last 3 months, your educational certificates, and PAN card copy.

Once you meet all these requirements, you become eligible for a range of benefits that come along with CA loan.

Benefits and features of CA loan:

It is available for all consulting and practising CAs working in private or government offices.

You can avail a loan amount of as high as Rs.30 lakh to meet your business needs.

You do not have to arrange for any guarantor or security to avail this loan.

It comes with flexible repayment tenor options of 12 – 60 months.

You can avail the benefit of flexi loan where you only interest on the amount utilised. You can also prepay the loan as and when you have additional funds for it.

If you are an existing customer, the lender might offer you attractive rate of interest.

Once you finalise on the loan amount and tenor, you are just a few steps away from availing a CA loan. You can easily apply for a loan online and get instant approval

Steps to apply for your CA loan

Step 1: Visit the lender’s website and select the Apply Now button on the CA loan page.

Step 2: Fill in an online application form with your relevant details. You may also have to mention your COP year and if it is active or not. Choose the city you are applying for and mention the loan amount as well and then click Submit.

Step 3: A representative of your lender will get in touch with you. You can upload the documents online or get it collected by a representative from your home or office.

Step 4: Once your application is approved, the amount is transferred to your bank account.

In a nutshell

As a chartered accountant, you are eligible for CA loans if you meet the minimum requirements and avail the range of benefits that come along with it. You also get online account access where you can check your payment details, interest certificate and repayment schedule with ease. Thus, this CA Day, take a bold step towards your dreams and don’t shy away from them due to financial reasons.

Kashif was a freelancing chartered accountant (CA) since 7 years. He always aspired to start his own business. However, he couldn’t fulfill his dream as he wanted to pay-off his home loan before he took another loan to start his business.

Now that his loan was repaid, Kashif thought of taking a CA loan to start his business. He had seen many of his clients committing the error of not knowing about the loan and falling into a debt trap due to negligence. Kashif didn’t want to commit the same mistake. Thus, he did plenty of research before applying for a CA loan.

Let’s look at everything that one needs to know when applying for a CA loan.

Flexible loans:

When you think of a loan, you usually only think of a term loan where you get the full amount and pay it back in equated monthly installments (EMIs). To make it easier for you to manage your finances, some lenders offer you loan flexibility. The loan amount is disbursed in the form of a line of credit. You can make multiple withdrawals and deposits. You are only charged interest for the amount utilized. You repay the principal at the end of the tenor.

Interest rates:

Some loans can prove to be expensive in the long run. However, when you opt for a CA loan, you get interest rates lower as compared with other loans. This is because the lenders consider you a reliable borrower as you are a chartered accountant. Your EMIs and the interest outgo is influenced with the interest rates. Thus, it is advisable to compare the interest rates from different lenders.

Tenors:

CA loans also come with flexible tenors. If you can afford a higher EMI, you can choose a short tenor. However, for a lower EMI, choose a longer tenor. You can choose from tenors ranging from 12 to 60 months depending on your requirements.

Easy processing:

This tailor-made product is collateral-free. Hence, you can expect a quicker processing time. A CA loan could be crucial to cracking a business deal. Thus, a timely disbursal could be the difference between huge profits and futile deals. Because CA loans are collateral-free, they require less documentation. Hence, they are processed quickly.

Higher loan amount:

Starting or expanding your business requires substantial funds. However, most loans demand a guarantor or a collateral if you are seeking a higher amount. With CA loans, you get loans up to 30 lakh without guarantor or collateral.

Online access:

When you have the responsibility of handling a business, you don’t want to run around for loan statements. To ensure you have all the information in real-time, online portals help you access loan statements and details at the click of a button. All you need to do is key in your user id and password.

Pre-approved offers:

Lenders want to reward their loyal customers. If you are an existing customer, you may be offered attractive deals with lower interest rates. You can choose to avail the offer when you are expanding your practice.

Eligibility criteria:

To avail a CA loan, you must first fulfill certain eligibility criteria. The criteria may vary across lenders and is usually listed on their website. The basic requirements include:

You need to have a practice of a minimum of 5 years

You must have your own home, parental home or office

You need to have a minimum monthly salary Rs.75,000 for Tier 1 city and Rs.40,000 for Tier 2 city

Documents:

While minimum documentation is involved, lack of either document could lead to rejection. The list of documents includes

Certificate of practice

Form 16 for the past two years

Salary slips

Salary account bank statement

Educational certificates

PAN Card

ID proof

Address proof

Property proof

Fees and charges:

Lenders levy a charge if you default on your payment. You could also incur some charges in the form of penal interest, secure fees, foreclosure and part pre-payment charges depending on the lender. You should consider these charges to ensure that the loan doesn’t get costlier in the long run.

To sum it up:

Blindly opting for loans that are not suitable to you could prove futile. CA loans could be of great assistance when trying to setup or expand your business. However, ensure that you know everything about the loan that you are applying for.

A Chartered Accountant (CA) loan from Bajaj Finserv offers a plethora of benefits. To name a few, it comes with affordable interest rates, fast approvals and minimum documentation.

If you are a practicing CA, you can avail this loan to set up your own CA firm or expand the scale of operations of your existing firm. So if you have been planning to avail a loan recently, we can give you another reason to do so.

Take a CA loan between 26th June to 3rd July and get an assured Lenovo tablet. Here are the details:

Hurry! Offer valid for a limited period

Bajaj Finserv prioritises customer satisfaction. The new flash sale offer makes CA loans all the more attractive for the customers. Now, if you take a CA loan from Bajaj Finserv, you get an assured Lenovo tablet. This exciting offer has a limited validity. You will be entitled to this amazing gift only if you take a loan between 26th June and 3rd July.

Besides this, Bajaj Finserv’s CA loans offer several other benefits to the customers.

So what are the benefits of a CA loan

Loans up to Rs.30 lakh

Every business requires capital. Bajaj Finserv helps you fulfill such needs. You can find several lenders online. But, Bajaj Finserv offers you the highest loan amount. You can borrow up to Rs. 30 lakh for a tenor ranging from 12 to 60 months. What’s more is that you can get the money at attractively low-interest rates. You can fund your business in the most effective manner with such a CA loan.

Flexi loan offers

If you are a CA looking to finance your business in the most flexible manner, you can opt for a flexi loan. Such a loan allows you a certain amount of credit. You can withdraw money from this line of credit as per your needs. An advantage of this loan is that you pay interest only on the amount that you use, and not for the entire assigned amount. Also, if you have any surplus funds, you can prepay the loan. This can be a good loan option since it helps you save cost. As an existing customer, you are also entitled to certain preapproved loan offers from time to time.

Easy accessibility

The internet has become the need of the hour. It not only saves time but also offers convenience. This is crucial for any business. You can save your precious time by transacting online. You can easily apply for a CA loan on Bajaj Finserv’s website. Moreover, this can be done at any time of the day as per your convenience. To give a first-rate service to you, Bajaj Finserv has an online customer portal. You can log in here to view any loan-related details. You can also use the helpline numbers in case of any difficulty.

Easy approval and quick disbursal

You can get a CA loan from Bajaj Finserv with very few formalities. Such loans are secured. You do not need any guarantor or collateral for availing them. Also, the document requirement is kept to a minimum. You just need to submit your basic identity, income, and employment proofs. The approval and disbursal process is also quick. You can get approvals for your loan within five minutes. Also, you do not have to wait for a long time for your money. It gets credited to your account within a reasonable amount of time.

The bottom line

You can easily enhance your career with a CA loan. Such loans are flexible and easy to avail. The entire borrowing process is hassle-free. In addition to these, you get exciting offers from time to time.

A Chartered Accountant (CA) loan from Bajaj Finserv offers a plethora of benefits. To name a few, it comes with affordable interest rates, fast approvals and minimum documentation.

If you are a practicing CA, you can avail this loan to set up your own CA firm or expand the scale of operations of your existing firm. So if you have been planning to avail a loan recently, we can give you another reason to do so.

Take a CA loan between 19th and 26th June and get an assured Amazon voucher worth Rs. 6,000. Here are the details:

Hurry! Offer valid for a limited period

Bajaj Finserv prioritises customer satisfaction. The new flash sale offer makes CA loans all the more attractive for the customers. Now, if you take a CA loan from Bajaj Finserv, you get an assured Amazon voucher worth Rs. 6,000. This exciting offer has a limited validity. You will be entitled to this amazing gift only if you take a loan between 19th and 26th June.

Every business requires capital. Bajaj Finserv helps you fulfill such needs. You can find several lenders online. But, Bajaj Finserv offers you the highest loan amount. You can borrow up to Rs. 30 lakh for a tenor ranging from 12 to 60 months. What’s more is that you can get the money at attractively low-interest rates. You can fund your business in the most effective manner with such a CA loan.

Flexi loan offers

If you are a CA looking to finance your business in the most flexible manner, you can opt for a flexi loan. Such a loan allows you a certain amount of credit. You can withdraw money from this line of credit as per your needs. An advantage of this loan is that you pay interest only on the amount that you use, and not for the entire assigned amount. Also, if you have any surplus funds, you can prepay the loan. This can be a good loan option since it helps you save cost. As an existing customer, you are also entitled to certain preapproved loan offers from time to time.

Easy accessibility

The internet has become the need of the hour. It not only saves time but also offers convenience. This is crucial for any business. You can save your precious time by transacting online. You can easily apply for a CA loan on Bajaj Finserv’s website. Moreover, this can be done at any time of the day as per your convenience. To give a first-rate service to you, Bajaj Finserv has an online customer portal. You can log in here to view any loan-related details. You can also use the helpline numbers in case of any difficulty.

Easy approval and quick disbursal

You can get a CA loan from Bajaj Finserv with very few formalities. Such loans are secured. You do not need any guarantor or collateral for availing them. Also, the document requirement is kept to a minimum. You just need to submit your basic identity, income, and employment proofs. The approval and disbursal process is also quick. You can get approvals for your loan within five minutes. Also, you do not have to wait for a long time for your money. It gets credited to your account within a reasonable amount of time.

The bottom line

You can easily enhance your career with a CA loan. Such loans are flexible and easy to avail. The entire borrowing process is hassle-free. In addition to these, you get exciting offers from time to time.